Moneyhub, a leading data and payments platform, has announced the launch of its new account verification service. This service, powered by Open Banking, aims to enhance payment security by leveraging bank-level security controls, including PSD2 SCA and biometrics.
Revolutionizing Financial Transaction Security
Moneyhub Account Verification uses Moneyhub’s AIS API to significantly improve the security and integrity of online financial transactions. By ensuring payment details and account names correspond precisely to registered account information, the service drastically reduces the risk of financial fraud.
Key Features of Moneyhub Account Verification:
- Enhanced Fraud Prevention: Ensures transactions are sent to or received from verified recipients, reducing the risk of financial fraud.
- Streamlined Account Setup: Utilizes corroborated banking details for identity checks, simplifying the process of setting up new accounts.
- Accurate Affordability Assessments: When combined with Moneyhub’s decisioning and categorization solutions, it ensures greater accuracy in affordability checks.
- Direct Debit Verification: Verifies ownership of bank details during the signup process, reducing human error and preventing fraud.
- Secure Payments: Ensures that customers own the accounts to which payments are made, deterring fraudulent payout requests.
Addressing Modern Financial Challenges
Mark Munson, MD of Payments at Moneyhub, highlights the service’s significance:
“With fraud costing the UK a record £2.3 billion in 2023, the launch of Moneyhub Account Verification is a timely reminder of the power of Open Banking to provide excellent solutions to modern-day problems. Our service uses consent-based Open Banking to verify account ownership, utilizing banks’ own authentication services.”
Enhancing Trust and Convenience
Moneyhub’s new service not only enhances the security of everyday transactions but also streamlines processes for financial institutions and their customers. This increase in convenience fosters greater trust among customers and partners, reinforcing Moneyhub’s commitment to providing innovative financial solutions.
For more details on Moneyhub’s groundbreaking financial security solutions, visit Moneyhub.
Stay tuned with FinQfy for the latest updates in financial security and Open Banking advancements.
